RE: FYI - Supply DemandGood article. For each of the hedge funds going long copper many are going short so they are not so much driving the price as driving the swings. The underlying story is that countries like China and India are converting paper dollars into hard assets like copper that they need to develop their economies. They aren't speculating on the market, they are participating in it because they must to further industrialization.
As for alternatives, that is a fact of life; but last I checked oil and aluminum were heading higher and both produce products (piping and wiring) that are inferior to those made with copper. Anyone that has tried to insure a house with aluminum electrical wiring will tell you that. As with most things, it is all about supply and demand and supply will really not catch up with demand until the end of the decade when new mines being greenlighted at these prices come on stream.